Emirates Telecommunications raises stake in Britain’s Vodafone
(Reuters) – Emirates Telecommunications raised its stake in Vodafone Group to 11% on Wednesday, but said it has no plans to make an offer for the British telecoms group.
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(Reuters) – Emirates Telecommunications raised its stake in Vodafone Group to 11% on Wednesday, but said it has no plans to make an offer for the British telecoms group.
The United Arab Emirates-based telecommunications service provider, the biggest shareholder in Vodafone, previously held a stake of about 10% in the British company.
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Meanwhile, Vodafone had said on Monday its Chief Executive Officer Nick Read was stepping down at the end of the year.
Vodafone, whose shares have lost more than 20% of their value so far this year and have nearly halved during Read’s tenure, had warned on profit last month.
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Sherry Jacob-Phillips)